Yandal Resources has signed a binding agreement with Horizon Minerals for the sale of its Gordons gold project in Western Australia’s Goldfields.
In a deal worth $2.81 million, Horizon will pay Yandal a $200,000 refundable deposit, $1 million in cash on completion, and $1.61 million in fully paid Horizon shares, with the option to substitute the share component for cash.
Completion is expected in the September quarter, subject to regulatory and third-party approvals.
The Gordons project, located about 40km northwest of Kalgoorlie and 10km from Horizon’s Black Swan processing facility, comprises 34 granted mining, prospecting and exploration licences across 77km², including the Gordons Dam deposit.
Gordons Dam holds a mineral resource estimate of 365,000 tonnes grading 1.7 grams per tonne (g/t) gold for 20,000 ounces, with mineralisation open at depth and along strike.
For Horizon, the acquisition forms part of a broader regional consolidation strategy near its Black Swan plant, which it plans to refurbish into a 1.5-million-tonne-per-annum gold processing facility.
Horizon managing director and chief executive officer Grant Haywood said the deal has added near-plant resources and exploration upside.
“We are pleased to acquire these projects in close proximity to our processing infrastructure,” Haywood said. “These assets complement our current large strategic land holdings in the WA Goldfields.
“We see great potential in this area for further resource growth along with enormous exploration upside.”
Yandal Resources managing director Chris Oorschot said the transaction provides key funds for the company.
“This sale will provide Yandal with additional cash to fund our active exploration schedule for the second half of 2025 and well beyond,” he said.
“The execution of this transaction comes as we await further results from the rapidly advancing Caladan target area, with results from the first 46 holes having already defined a possible 1.2km mineralised trend at Arrakis.”